Rise in safety norms and supportive government policies, and wider applications in oil & gas and power cable monitoring are expected to drive the demand for DTS systems.
The Distributed Temperature Sensing Market is undergoing rapid changes as various industries are increasingly incorporating innovative technologies in their processes and operations.
Distributed Temperature Sensing (DTS) Market Report, published by Allied Market Research, states that the global DTS market was valued at $486 million in 2015, and is expected to reach $819 million by 2022, growing at a CAGR of 7.9% from 2016 to 2022. In 2015, LAMEA contributed the major share in the market, and is expected to continue its dominance throughout the forecast period.
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Distributed temperature sensing systems (DTS) are optoelectronic devices that quantity temperature by means of optical fibers. The growth of the DTS market is driven by the increase in rules & regulations pertaining safety standards globally.
In addition, rise in demand from oil & gas applications, and wider applications in oil & gas industry and power cable monitoring are expected to fuel the market growth in future.
However, this growth is impeded by the complex fault detection and troubleshooting process of DTS. High investments in smart grid technology and power industry are expected to offer new opportunities to the market players.
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The market is classified on the basis of fiber type into single-mode fiber and multimode fiber. Single-mode fiber sensors held the largest market share in 2015, and the are expected grow at the highest growth rate during the forecast period.
The DTS industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Halliburton Co., Sensornet Ltd., and Furukawa Electric Co., Ltd.
are few leading companies in this industry. Other key players in the industry include OFS Fitel LLC, LIOS Technology GMBH, Schlumberger N.V., Omnisens SA, Yokogawa Electric Corp., Weatherford, International PLC, and Sumitomo Electric Industries Ltd.
These players have adopted product launches, expansions, acquisitions, partnerships, and agreements as their key strategies to strengthen their market position and expand their geographical presence.
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